The rate hike is closer and the stock exchanges are celebrating because they know that economic growth is strengthening, beyond the latest economic data. The much-awaited speech by Fed chair Janet Yellen at the Jackson Hole bankers' meeting gave the markets a boost as Yellen maintained that in recent months the hypothesis of a rate hike has strengthened, even if she did not specify the when and the how and has not neglected to examine the conditions of the American economy which advise prudence. In fact, many analysts think that the rate hike will take place after the presidential elections in November to avoid political manipulation to the detriment of the Fed.
However, Wall Street took Yellen's words well and opened with profits, but above all the European Stock Exchanges changed direction and turned positive, with the exception of Frankfurt.
Piazza Affari was among the first to turn towards an increase, which was half a point one hour after the closing, while the banks reduced their losses in the morning.
